Gold

This has now broken below the main trend line signalling an end to the bull run.
Theres 2 options now,down or sideways. So going long will be a risky trade from now on unless gold can go above the 1730 ish area.
This trend line has been in play since oct 2008 so gold has had a nice run.
Im short now on this and my stops are above todays high. Obviously theres risk involved in this trade as there still is a chance that it can finish above the trend line. End of day price counts.


dl.dropbox.com/u/4899609/gold20thdec.png


dyor

Hi jackozy
yep the main up trend line.


dl.dropbox.com/u/4899609/golddec19th.png

Remo, is that the trendline up from the Oct 2008 low? I'd missed that if so....thanks!

Im gonna go long on first attempt of the Main trend line at 1658 with a 12 point stop just incase.
The 200sma is at 1660 as well so 2 levels of support near together.
This is a first attempt basis trade. Yesterday it bounced of the 2oosma so there is risk attached to this trade.
Stops should be below the round number of 1650 as well.
Gold can get really volatile so bear that in mind when attempting to trade this. The last time gold dropped it moved about 20 points pass my stop loss.




DYOR

This is getting closer to some major supports now after todays $30 drop-off:



dl.dropbox.com/u/20815047/Golddaily18_12_12.gif

I wouldn't be surprised to see an intraday break below the uptrend support down to the 61.8% Fib and original breakout point at 1630 as previously discussed but it may bounce at the trendline at 1639 (today). Any thoughts? $1640 has been a resistance in the past so that adds another level of support there.

All together there are 4 levels of support within $11 as far as I can see.

a break n close below 1687 then lower to come..im watching these key prices

WaveSurfer wrote: seeing some divergence on Gold...perhaps the lows maybe in and gold maybe ready to blast soon, still in sell mode but close to buy....

i want to see price close above 1704/5 and 1722 - 60min bar.

possible truncation....

dyor